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| WorleyParsons acquires Hydrocarbons specialist Intec WorleyParsons announces the acquisition of Intec Engineering, a leading international offshore deepwater Hydrocarbons engineering and project services company, from Heerema Group. The acquisition price of US$108.5 million represents a multiple of 9.5 times pro forma EDITDA (earnings before interest tax depreciation and amortization) of INTEC for the 12 months ended 31 December 2007. The acquisition is scheduled to complete on 16th April 2008 and is expected to be accretive to earnings. The acquisition will be debt funded. Intec's clients include many of the world's largest energy companies a number of whom are also clients of WorleyParsons, including: BHP Billiton; BP; ChevronTexaco; Conoco Phillips; Exxon Mobil; and Shell. Headquartered in Houston, Intec has over 500 professional staff with offices in London, Delft, Rio de Janeiro, Kuala Lumpur, Perth, and Lagos. write your comments about the article :: © 2008 Construction News :: home page |